The Markets in Financial Instruments Directive (known as MiFID), is a form of legislation governing the financial markets in the European Economic area – which includes all 28 EU member states What MiFID II means for FX The first version of MiFID implemented in 2007 applied solely to equity markets. MiFID II now applies to “non-equity products” as well, such as cash and derivative A Guide to FX Best Execution. MiFID 2: Applicability. In FX under MiFID 2 the best execution obligation applies to executing orders in OTC derivatives; it therefore does not naturally extend to spot transactions, with the exception that it applies to FX deals that are ancillary to trades in assets that are covered by MiFID 2 best execution rules. Trade FX derivatives electronically through our Multilateral Trading Facility (MTF) and meet execution requirements under MiFID II. With one single platform, you can trade FX spot, forwards, swaps, NDFs, and options with MTF, SEF, and off-venue execution and with FXall’s request-for-quote (RFQ) or Matching central limit order book.
The Markets in Financial Instruments Directive comes into force in January 2018. The near-final detail of the new regulation was published by the FCA in March this year. Our recent blog, MiFID II – what do you need to be compliant? has more detail on the directive and what it means. Best execution concept enhanced under MiFID II. Originally introduced under the first Markets in Financial Instruments Directive in 2007, best execution requirements are not a new concept. However, the regulatory reform’s second instalment both enhances and strengthens these obligations by introducing a higher bar for compliance. The Markets in Financial Instruments Directive (MiFID II) This seminar may contribute to Continuing Professional Development requirements. Course Content Program Details Contact Details: T: +357 22 209 053, F: +357 22 513 294, E: ppapademetriou@kpmg.com www.kpmg.com.cy
The revised Markets in Financial Instruments Directive and associated Regulation (together, “MiFID II”) are EU financial markets legislation that took effect from 3 January, 2018. MiFID II brought about a comprehensive overhaul of the European market structure and investor protection framework.
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Feb 05, 2018 · The FX Code of Conduct for money managers, brokers and other foreign-exchange market participants has taken a back seat — and possibly in some cases, no seat at all — to meeting MiFID II The European Commission (EC) has now published the delegated acts supplementing the second Markets in Financial Instruments Directive (MiFID II) made in 2014. From a regulatory perspective, the publication was eagerly awaited, particularly for clarification on the extent to which FX forward contracts would remain in or out of scope for MiFID II.